CIC head of PE resurfaces at China Renaissance

Wang Ou, who led the $940bn sovereign wealth fund's PE department for over three years, will provide strategic advice to the firm's deal team.

Wang Ou, head of private equity at the $940 billion China Investment Corporation, has joined Beijing-based investment firm China Renaissance Group as a strategy consultant.

In his new role, Wang will help with business development and advise the firm’s deal team. He will also serve as a board director of Huajing Securities, the firm’s China-focused investment banking subsidiary, providing strategy development and operational management, according to a statement.

Wang is understood to have left CIC last year. Bai Clare, managing director at CIC is serving as tentative head of PE, according to a source with knowledge of the matter.

Wang joined CIC in March 2015 and led the sovereign wealth fund’s private equity investment department, which oversees both PE and private credit. During his tenure, CIC boosted its allocation to alternatives from 22 percent in 2016 to nearly 40 percent as of its 2017 annual report.

The investor also sealed bilateral investment funds with the industry’s largest asset managers. CIC teamed up with Goldman Sachs in 2017 for the China-Industrial Cooperation Partnership Fund, which aimed to raise up to $5 billion for US healthcare, manufacturing and industrial companies looking to expand in China. In the UK, CIC has a similar partnership with London-based buyout firm Charterhouse Capital Partners and HSBC, and set up a £1 billion ($1.22 billion; €1.08 billion) fund for British companies that have business links in China. Early this year CIC committed an undisclosed amount to the €1.5 billion Eurazeo China Growth Fund, which seeks to create partnerships between European and Chinese companies.

Prior to his post at CIC, Wang worked at the China Securities Regulatory Commission for 13 years under various departments including research and strategic planning. Wang worked in Wall Street investment banks and a Fortune 500 company early in his career, according to a statement.

China Renaissance has been growing its investment banking and asset management business. It held a final close on 6.5 billion yuan ($944.3 million; €847 million) last month for Huaxing Growth Capital RMB Fund III, which will target opportunities in the consumer and technology sectors.

CIC could not be reached for comment by press time.

– The story has been updated to show that Bai Clare has replaced Ou Wang as head of PE at CIC.